Finance expert Mike Periu on how Businesses Should Prepare for Health Care Reform in 2013 for upcoming requirements to employee benefits when Health Care Reform goes into effect in 2014.
2013 is the last year small-business owners have to prepare for the health care reform law, which requires certain businesses to provide health insurance to their employees. Beginning in 2014, companies with 50 or more full-time employees must provide adequate health insurance. Failure to do so will result in a $2,000 per worker penalty. Providing coverage that is deemed inadequate will generate a $3,000 per worker penalty. The challenge is determining how much plans considered adequate by law will actually cost. There are also complex provisions that provide additional exemptions and allow some plans to be grandfathered. Pending litigation on the technical legal issues could also affect the final requirements. While some companies have indicated they will adjust their headcount to avoid the 50 FTE threshold, others have indicated they may simply pay the fine if the adequate plans are unaffordable.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
